There are some great CEOs and fund managers that write great annual reports that I find is must reading for investors and maybe even non-investors as long as they are interested in business.
So here, I will keep track of a list of those "must reads".
Berkshire Hathaway Letters to Shareholders
Of course, right at the top of the list is Warren Buffett and Berkshire Hathaway. His annual letters to shareholders are absolute must reads for anyone interested in investing. All of them together is better than any book anyone can read about investing or business, and it's all available for free at the Berkshire Hathway website. I can't think of a better expenditure of time for investors than reading all of these, and then even rereading them again after a while.
Leucadia National Letters to Shareholders
These guys, too, are some of the smartest people in the business and they write great, no nonsense annual letters.
J.P. Morgan Chase: Dimon Letter to Shareholders
Jamie Dimon probably writes the best letters to shareholders of all CEOs with the exception of Buffett. He is a real straight shooter and hates baloney. His letters are straight, honest and very informative. He takes his time to teach you about the business, what's important, why they do what they do etc... His reports are always worth the read and Buffett has even recommended reading them (and I don't recall Buffett recommending any specific annual report, with the exception maybe of M&T Bank). Here I only recommend the letters written by Jamie Dimon.